Roadmap to Finance Application
The Fidelis Financial team is committed to helping you with your house purchase financing. Whenever necessary, we'll act as intermediaries, coordinating with different professionals on your behalf to ensure a seamless finance application process. Below you will find a roadmap with milestones when applying for a purchase pre-approval.
Initial Conversation between you & the broker.
GATHERING INFORMATION & SUPPORTING DOCUMENTS:
The broker will provide you with a link to complete your personal and financial information through your client center, along with a request for supporting documents.
Loan Processor will contact to conduct the validation call and review the information provided.
RESEARCH STAGE FOR A PURCHASE/PRE-APPROVAL APPLICATION:
This phase involves confirming your funding and servicing positions to determine your borrowing capacity. We will analyse your savings allocated for the transaction, validate eligibility for any government incentives, and thoroughly review your income and liabilities. Additionally, we will evaluate lender policies and offer to align them with your specific needs and priorities.
BROKER ADVICE & CLIENT SIGN OFF:
Our team will forward an email to you containing the broker's recommendation and our credit proposal. If you agree with the strategy outlined, please proceed to sign the privacy consents and application forms. Additionally, kindly accept our credit proposal and the "Disclaimer of No Financial or Tax Advice."
Once you provide all supporting documents and consents, the application (s) will be Lodged.
QUEUE TO ASSESSMENT:
Once lodged, the lender will place your application (s) in the assessment queue. Keep in mind that the processing time may differ based on the complexity of your deal and the volume of applications in progress.
In this stage, the lender's assessor may request additional details or clarification. We will contact you if needed. Typically, our experienced brokers have the necessary information to address the assessor's questions.
RELEASE OF OUTCOME:
With the assessment completed, the lender will release a letter to confirm the outcome.
PRE-APPROVAL LETTER ISSUED:
If the lender is comfortable with the risks associated with your application and interprets that serviceability is evident, the pre-approval letter (approval in principal) will be issued. This document will disclose the maximum loan amount that you are pre-approved for. along with other details (may vary depending on the lender). At this time, we will also know the conditions for formal approval.
MAKE AN OFFER:
With a pre-approval in hand, you can now search for a property. Always keeping in mind the conditions of your pre-approval. Have a discussion with our team before making an offer. Consult with a solicitor or conveyancer before signing any contracts.
Now that your offer has been accepted, we will proceed to modify your application for full approval. It's important to ensure that you have the fully exchanged contract of sale ready to provide. Subsequently, we will arrange for a property valuation. We strongly recommend consulting with your conveyancer or solicitor. They will carefully assess the contract conditions and associated risks on your behalf. Don't forget to include a finance date and confirm the settlement date in the contract as well.
ASSESSMENT TO FORMAL APPROVAL:
If you do not exceed the pre-approved loan amount, your financial circumstances do not change, and all conditions to formal approval are addressed, the lender will issue the Formal Approval Letter. We will send the letter to you via email. Once you share the letter with your conveyancer, the deal will be unconditional. Our Loan coordinator will take over and assist you and the broker with the process util the loan settes.
LEGAL DOCUMENTS SENT:
The next step involves sending out the loan documents. Some lenders may accept electronic signatures, while others require traditional wet signatures. Our team will carefully review the financial information in these documents.
We will contact you to discuss the financial details within the loan agreement.
ACCEPT LEGAL DOCUMENTS:
Once the financial information is reviewed, you will be instructed to accept the loan offer.
If you have any legal questions, it's advisable to consult a conveyancer or solicitor for guidance.
LOAN DOCUMENTS GET AUTHENTICATED:
Once the loan agreement is accepted and returned to the lender, the bank's settlement agent will conduct a thorough review to ensure all details are accurate. This process results in the certification of the loan documents. A Building insurance will be required at this stage. If your property holds a strata title, you won't need separate building insurance, as it's typically included in the body corporate management.
PREPARATION FOR SETTLEMENT:
We'll collaborate with your conveyancer and the lender to prepare for settlement. Your conveyancer will contact you usually 3 - 4 days before settlement. They will provide a break of the fees involved, including the shortfall funds to complete the purchase. To ensure a smooth process, transfer the necessary shortfall funds to your designated account (or your conveyancer's trust account) at least 3 days before the settlement date. Funds must be cleared in the account at least 1 day prior. Our loan coordinator will oversee this process and assist you as needed.
After settlement takes place, you can get your keys!
You will notice that the Loan amount may take at least 24h to be reflected in your internet Banking. Please contact us if you have any questions!
We will continue to monitor interest rates opportunities, so please expect to hear from us. Alternatively, you can reach out if you have any questions at any point after settlement. We have a dedicated team to assist your with post settlement inquiries.